TV News LIES

Tuesday, Jun 27th

Last update05:20:13 AM GMT

You are here News Economy Here's a debt reduction plan: Collect billions from tax cheats

Here's a debt reduction plan: Collect billions from tax cheats

E-mail Print PDF

Tax cheatsAt a time when higher taxes or deeper government spending cuts seem to be the only options available to close the gaping federal deficit, going after more $400 billion a year in uncollected taxes should be a no-brainer.

But in the nation's capital, the so-called "tax gap" hardly rates a mention in the official discussion of America's fiscal woes.

In government parlance, the "tax gap" is the difference between the taxes owed and what's actually paid on time. In their most recent analysis, from 2001, the Internal Revenue Service estimated that only about 84 percent of federal taxes were voluntarily paid on time that year, leaving a gross tax gap of $345 billion, or roughly 16 percent, uncollected.

Late payments and IRS collection efforts brought in another $50 billion, which cut the net tax gap to $290 billion in 2001. But similar estimates point to a gross tax gap of $410 billion to $500 billion in 2010, said Benjamin Harris, a research economist at the Brookings Institution, a center-left research group.

"You could go a long way toward solving our budget mess by closing the tax gap, but the problem is, it's not easily closed," Harris said.

More...


Most Recent Related Stories...


Ascena closing up to 650 clothing stores including Dress Barn

Ascena to close 650 storesBetween 250 and 650 retail stores including Ann Taylor, Dress Barn, Loft and Lane Bryant are...

Household debt tops 2008 peak ahead of financial crisis

Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery...

Earn minimum wage in the US? You can afford to live in exactly 12 counties

Minimum wage earners have few places to liveA person working a full-time minimum-wage job will find it virtually impossible to rent an affordable...

In blow to Trump, GE backs NAFTA and voices support for Mexico

GE backs NAFTAGeneral Electric (GE.N) on Friday praised Mexico as a big part of its future and said...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!